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Mergers & AcquisitionsCOMMUNITY BANK SYSTEM, INC. (NYSE - CBU) 
Deal values, assets, and deposits are as of the Announcement Date. Deals announced from 1996 to present.
M&A History<< Return to Mergers & Acquisitions
 Deal Overview
Buyer: Community Bank System, Inc.
Actual Acquirer: Community Bank System, Inc.
Target: Merchants Bancshares, Inc.
Deal Type: Bank & Thrift Company
Agreement Date10/22/2016
Announcement Date10/24/2016
Announced Deal Value ($M)304.82
Completion Date5/12/2017
Announced Deal Value Per Share ($)44.02
Consideration Breakout
Cash ($M)82.6
Common Stock ($M)259.8
Common Stock Issued4,683,935

 Deal Pricing Ratios
Price / Book (%)183.5208.5
Price / Tangible Book (%)193.6219.8
Price / Earnings (x)21.422.9
Price / Deposits (%)20.2722.80
Price / Assets (%)15.2817.04
Tangible Book Premium/ Deposits (%)NANA
 Deal Terms
Description of Consideration
Community Bank System Inc. paid $40.00 in cash or issued 0.963 shares of its common stock for each outstanding share of Merchants Bancshares Inc., subject to 70% of the consideration is paid in stock. Community Bank System Inc. has also assumed outstanding fixed and floating rate Junior Subordinated Debentures of Merchants Bancshares Inc.
Accounting MethodAcquisition
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)191,903
Estimated Cost Savings (%)22.70
Estimated Cost Savings ($000)10,600
Est. Restructuring Charges ($000)25,000
Maximum Termination Fee ($000)10,720
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)0.963000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)23,214
 Additional Deal Information
Est. Cost
Est. Cost
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesRBC Capital Markets LLC
SellerYesPiper Jaffray & Co.

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesCadwalader Wickersham & Taft
SellerYesGoodwin Procter LLP

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